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TCS BaNCS Insurance enables leading Hungarian firm, CIG Kozep-Europai Biztosito Zrt. (Pannonia Insurance) to launch Unit-linked Life Insurance business
Mumbai, January 29, 2009: TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced today that CIG Kozep-Europai Biztosito Zrt., branded as Pannonia Insurance in Hungary, a recently-incorporated Insurance company based in Budapest, Hungary, has gone live with TCS BaNCS Insurance.
TCS BaNCS Insurance provides a complete end-to-end solution for the life and pensions business, supporting unit linked and traditional products, sales channels, and lifecycle functionalities, including customer management, product differentiation, policy servicing, claims management, insurance accounting and other new product innovations. TCS BaNCS Insurance supports insurers of different sizes and complexities across the globe, and it has been used in single product scenarios as well as a consolidation platform for multiple products and lines of business. The solution operates through an easy to use web based interface supporting global organizations with multiple languages and currencies. The platform agnostic solution can be deployed on any J2EE compliant application server. TCS BaNCS Insurance was configured for Pannonia Insurance to suit the entire core Unit Linked Life insurance, Claim, Accounting, Customer Portfolio management, Sales Channel Commission Management, Document manager and Interfacing functionalities as required by Pannonia. The reporting database including Fund Management Reports was also delivered to them.
“TCS BaNCS Insurance is an outstanding policy administration solution. It has provided our organization with a faster time to market and improved efficiency of operations,” said Mr. Bela Horvath, CEO of CIG Kozep-Europai Biztosito Zrt. “Excellent performance of the system in the operationally critical post implementation period was key to successful market entry. Given that Pannonia is a greenfield company, we deeply appreciate the flexible payment scheme (to limit our initial cash outflow and go to market faster) conceived by TCS that helped us immensely. Above all, well timed scheduled releases aligned with our business plans have created an excellent environment for company growth.”
“At TCS Financial Solutions we realize that maintenance costs and business performance are key issues for insurers and that profitability stems from IT leadership, outstanding customer service and the ability to respond swiftly to changing market conditions,” said N. Ganapathy Subramaniam, President, TCS Financial Solutions. “Our experienced team is proud to assist Pannonia Insurance to integrate TCS BaNCS Insurance policy administration system in a timely and cost-effective manner.”
About CIG Kozep-Europai Biztosito Zrt. (Pannonia Insurance)
CIG Kozep-Europai Biztosito Zrt., commonly referred to as Pannonia Insurance is a recently-incorporated Insurance company based in Budapest, Hungary. Pannonia is one of the most successful life insurance startup operations in the world, recording the fastest growth in the first year of operations. Time-to-market and an effective cost model were the key drivers for them to identify the right IT partner with a suitable life insurance platform.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best of breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 240 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 344,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $15.5 billion for year ended March 31, 2015 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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